The Bank of Nova Scotia (Scotiabank) is settling major criminal and civil charges that it engaged in price-fixing and spoofing efforts via precious metals futures contracts. The Toronto-based bank has signed separate agreements with the U.S. Department of Justice and the Commodity Futures Trading Commission (CFTC), with the combined fines totaling approximately $127.5 million. The… Read More >>
Nymex, Ex-Staffers Settle Insider Info Sharing Case
The New York Mercantile Exchange, a unit of the CME Group since 2008, will pay a $3.5 million penalty, as part of the settlement of a case brought by the U.S. Commodity Futures Trading Commission that charged Nymex with violations of both the Commodity Exchange Act and CFTC regulations. In addition, two former Nymex employees,… Read More >>
CFTC Puts Nymex, Comex Through Rule Enforcement Tests
CFTC Finds One Area for Improvement A rule enforcement review of the New York Mercantile Exchange (Nymex) and the Commodity Exchange (Comex) by the CFTC’s Division of Market Oversight has yielded a recommendation that both exchanges institute a better way to monitor position limit exemptions. Market participants can exceed position limits as long as they… Read More >>
CME to Close Outcry Options Trading in NYC
CME Group officials report that they will close the exchange company’s New York trading floor for outcry trading by the end of 2016 because of declining volumes for open outcry options. The affected venues are the Commodity Exchange (Comex), a designated contract market that offers products subject to Comex rules and regulations, and the New… Read More >>
Is There Life After the Pits Close?
Last week when the CME Group announced it would be shutting down 17 open outcry futures trading pits in Chicago and three pits in New York by July 2, it was almost anticlimactic. Most participants in the industry knew that the outcry era was on its way out a long time ago. Some even correctly… Read More >>
FCM360 Promotes for Head of ETRM/CTRM Wares
FCM360, a provider of trading system hosting and exchange connectivity, has promoted Ron Villarin, a former NYMEX energy trader and broker, to head its expanded energy trading and risk management and commodity trading and risk management (ETRM/CTRM) operations, according to a company statement. FCM360 got its start serving the high-frequency, low-latency, foreign exchange (forex) trading… Read More >>
EMIR Blesses CME Clearing Europe
CME Group, the derivatives exchanges operator, reports that its European clearinghouse, CME Clearing Europe, has received authorization under the European Market Infrastructure Regulation (EMIR) as a central counterparty clearing house (CCP). The authorization covers all over-the-counter (OTC) derivatives and futures products currently cleared by CME Clearing Europe, including interest rate swaps, energy and commodities, and… Read More >>
Tradeweb Founder Joins GFI as CME Group Mulls Sale of Nymex Building
Tradeweb Founder Joins GFI Group Tradeweb Markets founder James W. Toffey has joined brokerage GFI Group as global head of electronic markets to oversee GFI’s services as a global operator of electronic marketplaces for professional traders and market makers of cash and derivative financial and commodity products, officials say.At Tradeweb, Toffey served as the CEO… Read More >>
